Saturday, August 16, 2014

Someone asked me why on earth I am gambling my future with Scotland and the Frontier Technology? And when they said Frontier Technology means CryptoCurrency / CryptoGrass (a pun from my local Singaporean friends as they were forgotten by the bosses and not get paid on time again!) also known as BitCoin or Alt-Coin / Currency.

The thing is.. SCOTLAND IS A CHEAP PLACE TO LIVE! And I saw one I loved for the cost of my HDB Flat! And it's remote and with good internet. Just the place I need. Gigabit Connections and no one to bugger me with problems.

Honestly... the world is so hyped on the drug called American Dollars that they forget that the American Currency is just another piece of bond paper like any other stock as it has no value behind it. Unlike Singapore dollars where they back $10 with ONE GRAM OF GOLD and that is only for the PRINTED NOTES and not the Digital Cyber Currencies stored in your CEPAS card such as EzLink , NETSFlashpay or even in your bank account. Hence forth , it is not worth the bits and bobs in terms of Gold and Silver. Where in Islamic terms, ONE DINAR or DIRHAM is denominated by 4.5Grams of pure Gold or Silver such as the rule with the DUCAT et al.

Think of Alternative Crypto Currency as another form of barter credit. I will accept goods worth say at today's rate of SGD600 (was $740 few days back!) per ONE BITCOIN. And one bitcoin is divided into nano units or 1 of a Billionth Unit == 1.00 00 00 00 and looks more like a MAC ADDRESS.

So if the demand of the currency unit goes up...so does the value as there is a limit to how many is in use.

Now there are many other currencies in the cyberworld similar to you using Facebook and Facebook Credits is used to buy game tokens. We have Darkcoin, Doge, SCOTCOIN and many others. The limit is stated when the developer created the crypto currency.

So we can exchange 0.01 of the Bitcoin or BTC to say 10000 Scotcoins instead to the merchant's liking. Just like the old Pre-EU days where we carry Liras,Francs,Deutsche marks, Florins, Swiss Francs, Gilders etc etc etc.

There is no GOVERNMENT TO THESE CURRENCIES. Viking Coin for example has only a max of 5000 coins to be circulated. So it should give a better market cap if there is a huge demand to the exchange rate maybe in a year's time of 10BTC=1VIK.